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Economic Injury Disaster Loan (EIDL) Program

As of 3.30.2020

The U.S. Small Business Administration is offering designated states and territories low-interest federal disaster loans for working capital to small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19).

WB is a Preferred Lender for the SBA

If you have a dedicated relationship manager, please contact them directly or contact us at 1-402-399-5079, M-F 8am-5pm.

Click here to apply directly to the SBA for this program.

The CARES Act made several changes to the Economic Injury Disaster Loan (EIDL) Program under Section 7(b) of the Small Business Act. As changed by the CARES Act:

  • EIDL Loans are currently processed directly through the SBA, although the SBA may request the assistance of lenders for the processing and making of loans.
  • EIDL Loans are available in a maximum amount of $2 million, carry an interest rate of 3.75 percent and have a maximum term of 30 years.
  • Loans over $200,000 must be guaranteed by any owner having a 20 percent or greater interest in the applicant (the CARES Act removed the requirement for personal guarantees on loans under $200,000).
  • The CARES Act also removed standard EIDL Program requirements that the borrower not be able to secure credit elsewhere or that the borrower have been in business for at least one year, as long as it was in operation on January 31, 2020.
  • Applicant may request an expedited disbursement that is to be paid within three days of the request. The advance may not exceed $10,000 and must be used for authorized costs but is otherwise not repayable if the EIDL Loan is not approved.

NOTE: An applicant may receive an EIDL Loan and loans under other programs (such as the Paycheck Protection Program as long as the basis for the loans/costs being paid with each are different (cannot borrow for the same purpose).

For more information on SBA programs related to Coronavirus impact, please visit www.sba.gov/coronavirus